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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 270
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I paid out on an unsecured bank personal guarantee business

Customer Question

I paid out on an unsecured bank personal guarantee for a business loan to a 3rd Party [the bank 'sold' my loan]. Is the 'new lender' required to provide me with statements of the full loan, and/or a copy of the original loan contract?
Submitted: 9 months ago.
Category: Law
Expert:  propertylawyer replied 9 months ago.

Hi Stephen

Thanks for your question.

Do you have a copy of the guarantee agreement?

Kind regards

Paul

propertylawyer, Solicitor
Category: Law
Satisfied Customers: 270
Experience: Property Solicitor with expertise in commercial and residential property transactions.
propertylawyer and other Law Specialists are ready to help you
Customer: replied 9 months ago.
Paul,
Thanks for your reply.
I do not have a signed/final copy of the loan agreement, and have asked the lender to supply it. But they are not willing/able.
Stephen.
Customer: replied 9 months ago.
That is a question not an answer...........
Customer: replied 9 months ago.
Paul, Where are you?
Expert:  propertylawyer replied 9 months ago.

Hi Stephen

You should be entitled to a copy of the original loan agreement. They should provide a copy.

Was the original loan to a company? It may have been registered at companies house, if so you can obtain a copy of the original loan agreement from there.

Customer: replied 9 months ago.
The business loan from Lloyds Bank [outside the CCA]. Company closed down leaving me with the PG, and I agreed to pay Lloyds the personal guarantee out over time.DLC took over the outstanding loan from Lloyds. I didn't receive a statement until more than half of loan was repaid. If the agreement is under CCA they cannot charge interest if they have not issued a statement [which they haven't]. I would therefore like to know under what conditions this agreement could effectively revert to being under the CCA. I understand one such condition is not being able to provide a copy of the original loan agreement [as they are unable to prove agreement is outside CCA] - is this correct?
Expert:  propertylawyer replied 9 months ago.

If this was a business loan and depending on the amount it may be outside of the consumer credit act.

Have you spoken to the regulator / ombudsman about this.

Customer: replied 9 months ago.
It was a business loan, and outside the CCA [see above]. My question is, does the business lender have the obligation to supply a copy of the agreement, and if they are unable to do so, does this then put the agreement under the CCA?
Customer: replied 9 months ago.
Are you there with an answer, please?
Customer: replied 8 months ago.
Are you there? Please??
Expert:  propertylawyer replied 8 months ago.

I cannot find a conclusive answer.

I have been searching for the answer. I will opt out as one of the other experts may may know.

Customer: replied 8 months ago.
Well that's fine then - can I have my money back, please?

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